Exhibit 12.1
												6/17/2009
GULF POWER COMPANY
Computation of ratio of earnings to fixed charges for
the five years ended December 31, 2008
and the year to date March 31, 2009
												Three
												Months
												Ended
	Year ended December 31,											March 31,
		2004		2005		2006		2007		2008		2009
	--------------------------------------------------Thousands of Dollars--------------------------------------------------
EARNINGS AS DEFINED IN ITEM 503 OF REGULATION S-K:
Earnings before income taxes	$	108,135	$	120,951	$	124,582	$	135,082	$	158,651	$	25,493
Interest expense, net of amounts capitalized		34,925		40,317		44,133		44,680		43,098		9,832
Distributions on mandatorily redeemable preferred securities		1,113		0		0		0		0		0
AFUDC - Debt funds		819		515		160		1,048		3,973		1,920
Earnings as defined	$	144,992	$	161,783	$	168,875	$	180,810	$	205,722	$	37,245
FIXED CHARGES AS DEFINED IN ITEM 503 OF REGULATION S-K:
Interest on long-term debt	$	27,693	$	29,718	$	28,863	$	36,351	$	41,174	$	10,283
Interest on affiliated loans		3,530		5,018		6,887		4,510		739		38
Interest on interim obligations		241		1,472		3,713		169		513		323
Amort of debt disc, premium and expense, net		3,050		2,963		2,894		2,837		2,755		661
Other interest charges		1,230		1,661		1,936		1,861		1,890		447
Distributions on mandatorily redeemable preferred securities		1,113		0		0		0		0		0
Fixed charges as defined	$	36,857	$	40,832	$	44,293	$	45,728	$	47,071	$	11,752
RATIO OF EARNINGS TO FIXED CHARGES		3.93		3.96		3.81		3.95		4.37		3.17